The alarming rise in chronic diseases worldwide highlights the urgent need to overcome the limitations of conventional drug delivery systems. In this context, osmotic pumps are able to release drugs by differential osmotic pressure, achieving a controlled rate independent of physiological factors and reducing the dosing frequency. As osmotic pumps are based on the phenomenon of osmosis, the choice of high osmolality draw solutions (DSs) is a critical factor in the successful delivery of the target drug. Therefore, one alternative that has received particular attention is the formulation of DSs with magnetic nanoparticles (MNPs) due to their easy recovery, negligible reverse solute flux (RSF), and their possible tailor-made functionalization to generate high osmotic gradients. In this work, the possible integration of DSs formulated with MNPs in controlled drug delivery systems is discussed for the first time. In particular, the main potential advantages that these novel medical devices could offer, including improved scalability, regeneration, reliability, and enhanced drug delivery performance, are provided and discussed. Thus, the results of this review may demonstrate the potential of MNPs as osmotic agents, which could be useful for advancing the design of osmotic pump-based drug delivery systems.